Exchange South is a 17.8-acre property located in the affluent Southside neighborhood of Jacksonville, 1.8 miles from The Avenues Mall. The asset is a light-industrial/flex business park with 25 national and multinational diversified tenants. Exchange South has found a niche with large medical-use tenants that are highly invested in their spaces. The nature of the property will greatly benefit from the growth of e-commerce and expanded residential/commercial construction.
After acquisition, Savlan Capital implemented $1MM in capital improvements to the asset. We increased occupancy from 75% to 90% and brought rents up to market. With new market rental rates and increases in occupancy, the property value increased by 151% in less than two years.